Company No: 06804742 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	1,280		1,706
Investments	4	1		1
		1,281		1,707
Current assets
Stocks		220,000		220,000
Debtors	5	116,276		123,455
Cash at bank and in hand		28,781		1,959
		365,057		345,414
Creditors: amounts falling due within one year	6	( 482,771)		( 398,494)
Net current liabilities		(117,714)		(53,080)
Total assets less current liabilities		(116,433)		(51,373)
Creditors: amounts falling due after more than one year	7	( 7,178,438)		( 7,143,438)
Net liabilities		( 7,294,871)		( 7,194,811)
Capital and reserves
Called-up share capital	8	2		2
Profit and loss account		( 7,294,873 )		( 7,194,813 )
Total shareholders' deficit		( 7,294,871)		( 7,194,811)

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of CTU General Partner Limited (registered number: 06804742) were approved and authorised for issue by the Board of Directors on 08 September 2025. They were signed on its behalf by:

Mr P Oliphant Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

CTU General Partner Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Lobby Office 65 Redcross Village, Redcross Street, Bristol, BS2 0BB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £7,294,871. The Company is supported through loans from the directors and a subsidiary Company.

The directors have received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the subsidiary Company will continue to support the Company. After making enquiries, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Vehicles

25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	4		4

3. Tangible assets

	Vehicles		Total
	£		£
Cost
At 01 April 2024	12,780		12,780
At 31 March 2025	12,780		12,780
Accumulated depreciation
At 01 April 2024	11,074		11,074
Charge for the financial year	426		426
At 31 March 2025	11,500		11,500
Net book value
At 31 March 2025	1,280		1,280
At 31 March 2024	1,706		1,706

4. Fixed asset investments

Investments in subsidiaries

	2025
	£
Cost
At 01 April 2024	1
At 31 March 2025	1
Carrying value at 31 March 2025	1
Carrying value at 31 March 2024	1

Investments in shares

Name of entity	Registered office	Principal activity	Class of shares	Ownership 31.03.2025	Ownership 31.03.2024	Held
Cabot Mews Limited	Lobby Office 65 Redcross Village, Redcross Street, Bristol, England, BS2 0BB	Property rental	Ordinary	100.00%	100.00%	Direct

5. Debtors

	2025		2024
	£		£
VAT recoverable	16,676		5,597
Other debtors	99,600		117,858
	116,276		123,455

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	6,314		6,043
Other loans	360,000		360,000
Accruals	105,945		30,876
Other creditors	10,512		1,575
	482,771		398,494

A guarantee has been provided in the form of an unlimited guarantee by Cabot Mews Limited and limited guarantees by Claremont Ferrand Limited and the Directors.

7. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Amounts owed to own subsidiaries	5,828,022		5,813,022
Amounts owed to directors	1,350,416		1,330,416
	7,178,438		7,143,438

A guarantee has been provided in the form of an unlimited guarantee by Cabot Mews Limited and limited guarantees by Claremont Ferrand Limited and the Directors.

8. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
240 Ordinary shares of £ 0.01 each	2		2

9. Related party transactions

Transactions with the entity's directors

	2025		2024
	£		£
Amounts due to the directors	1,350,416		1,330,416

These loans are interest free and unsecured.

Other related party transactions

At the year end, an amount of £5,828,022 (2024: £5,813,022) was owed by the company to its subsidiary. This balance has no fixed date for repayment and is interest free.

At the year end £8,937 was owed to companies with a participating interest (2024: £18,258 was owed by companies). These balances have no fixed date for repayment, are interest free and are included within other creditors and other debtors falling due within one year respectively.